topic Re: Carvana Preapproval in Auto Loans

Carvana Preapproval

sccredit — Mon, 09 Aug 2021 21:42:48 GMT

Wife and I have been thinking about buying a new truck. I handed my leased Tundra back early into the pandemic and have not replaced it. Thinking of going used or CPO late model, low mileage on a truck. Was looking at a 2019 F150 STX 4x4 Crew Cab at Carvana with 19k miles on it. Ran through their "Get My Terms". On that truck ($39k) it shows $0 down payment listed and 3.39% for 72 months. Not pulling the trigger but interesting data point.

Current FICOs are 735-745 range. 3.5 years post CH7 discharge. Low DTI (less than 20%). 4 cards reporting and one lease (3 payments left) on wife's car. We bought our son's CPO Hyundai cash earlier this year. Will probably purchase her replacement in cash when we return her Infiniti lease in October so we'll likely finance mine.

Re: Carvana Preapproval

barca — Mon, 09 Aug 2021 23:50:12 GMT

Be careful with used vehicle prices.

The prices for used vehicle these days are ridiculous.

I will suggest you look at brand new or wait a little while.

Do your research with new vs old vs waiting till next year if possible

Re: Carvana Preapproval

incognitony — Tue, 10 Aug 2021 01:24:19 GMT

Now is the time to lease and buy in 3 years when this madness is hopefully over. It is good to see people can get a decent rate with Bridgecrest. Carvana used to prequalify the terms on vantage scores but not sure if they still do.

Re: Carvana Preapproval

dunn2500 — Tue, 10 Aug 2021 04:12:52 GMT

i bought new recently because it was cheaper than used......also carvana prices are usually high as well as their interest rates

i sold them a used 2020 3/4 ton truck which they sold for 4k over msrp and 6k more than i paid brand new....i followed the truck thru the vin #

like someone mentioned just do the math and see what comes out....

Re: Carvana Preapproval

sccredit — Tue, 10 Aug 2021 16:17:55 GMT

I'm not buying from them. I'm looking at all options. Not looking at leasing this one as I will drive it way too much for a lease to make sense.

Re: Carvana Preapproval

4sallypat — Wed, 11 Aug 2021 14:06:53 GMT

With your profile, I'd get a loan thru a CU.

My CU gives 1.99-2.25% rates up to 60 months.

But then now I won't get a used car due to the crazy pricing and inflated demand surge price tags...

If I need a car now, I am looking at a low cost lease and then buy it out at the end even with high miles....

Re: Carvana Preapproval

sccredit — Wed, 11 Aug 2021 15:11:53 GMT

I'm going to look at my local CU when I am ready to do something. I burned DCU, Penfed, Logix and Navy in my BK so I've eliminated most of those. I have ruled out the leasing option for this one. I will keep this for 8-10 years. It will be the primary driver for the next 3-4 years and then become the household truck and I will probably go electric for the daily. Currently looking at a CPO Ranger Lariat 4x4 thats priced about $10k under new.

Re: Carvana Preapproval

Shaed251 — Tue, 17 Aug 2021 04:18:38 GMT

@sccredit

I am actually in the process of purchasing a vehicle through Carvana and financing with my local CU. I got a really good deal on a Mercedes Benz GLC. Wasn't overpriced and it should be delivered on Wed. Only thing I would complain about is the communication piece. I have to wait longer than I would like for a response to my questions because it's through chat or text, but overall, it has been a good experience. They took $500 off for a referral incentive and everyone of their advocates that I have dealt with, have been super nice and professional. I am not sure on the vehicle you're looking for but definitely do your homework. I searched plenty dealerships and Carvana's price beat them all. Not saying this will be the outcome on every make and model but my experience has been really good and I got the best price on the vehicle I chose. I'm happy with my decision. 😊

Re: Carvana Preapproval

sccredit — Tue, 17 Aug 2021 14:38:14 GMT

@Shaed251 wrote:
@sccredit
I am actually in the process of purchasing a vehicle through Carvana and financing with my local CU. I got a really good deal on a Mercedes Benz GLC. Wasn't overpriced and it should be delivered on Wed. Only thing I would complain about is the communication piece. I have to wait longer than I would like for a response to my questions because it's through chat or text, but overall, it has been a good experience. They took $500 off for a referral incentive and everyone of their advocates that I have dealt with, have been super nice and professional. I am not sure on the vehicle you're looking for but definitely do your homework. I searched plenty dealerships and Carvana's price beat them all. Not saying this will be the outcome on every make and model but my experience has been really good and I got the best price on the vehicle I chose. I'm happy with my decision. 😊

I am being very slow on making a decision. We'll see when or if something actually happens lol.

Re: Carvana Preapproval

Shaed251 — Tue, 17 Aug 2021 15:01:07 GMT

@sccredit

Lol. I don't blame you. I haven't purchased a vehicle since 2005! So, this has been a LONG time coming. I haven't had a car note in over 10 years! God has blessed me and allowed me to get this purchase but patience and His timing is key! Just prayerfully (if you practice in that) take your time to make your decision. One thing is for sure, no matter the shortages, vehicles will be here. 😀

Re: Carvana Preapproval

Shaed251 — Thu, 19 Aug 2021 01:02:10 GMT

@sccredit

Update:

So, I got the vehicle from Carvana today and it was nothing short of a disappointment. I explained to them that I couldn't have any type of pet hair in vehicle because it would make me really sick and it needed to be THOROUGHLY detailed, cleaned and sanitized. Well, guess what? Pet hair was all in the doors and the vehicle was not cleaned properly at all. Secondly, the vehicle interior did not show the amount of "imperfections" it really had. Both of the rear doors inside panels were scratched up and damaged significantly!!! I was so angry because I felt like I got dupped!!! I will NEVER purchase anything from them again!! The only consolation they gave was $250 off the vehicle I choose to replace it with. Ummmm, yeah, NO THANKS!! So upset I cried but the good thing is, my financing is good for 45 days, so back to the drawing board. This time, I will take my time to find the right vehicle in person. Be cautious of online purchasing. Not everyone experience will be the same. A couple ppl I know, loved their Benz from Carvana but I just didn't share the same experience unfortunately. 😞

Re: Carvana Preapproval

johnnypinaz — Thu, 19 Aug 2021 02:13:12 GMT

A year ago Carvana got me into newer Ford Escape with 10K miles when no one else would finance me. It was a high percentage but I just refinanced it today after a year of solid payments and got down to a 5% loan.

Delivered my car during Covid.. One of the tires was bad. I had 5 days to return it and I told them I wanted FOUR new tires so they would match. They bought me four new tires.

They were nothing but decent to me. I think there prices were decent back then but they are pretty jacked up right now. But so is most places.

My experience was very positive.

Re: Carvana Preapproval

Shaed251 — Thu, 19 Aug 2021 02:40:01 GMT

@johnnypinaz

Hi there!

Yeah the advocates are super nice and the girl that delivered the car was amazing but I couldn't get past the problems with the vehicle. If they would've replaced the back interior panels and paid for a thorough cleaning, I would still have the vehicle but they wouldn't do that. They do offer to swap it but I'm not sure I want to go through that again. I actually found another GLC with less miles and have more features for less than I paid with Carvana, so I will give you update on how this vehicle works out. I'm happy you had a positive experience. From a customer service perspective, they are wonderful!!